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High Yield Fund

Daily price w/o sales charge as of 12/04/2019

$7.37

arrowUp$0.01

YTD Returns w/o sales charge as of 12/04/2019

12.64%

Overall Morningstar Ratings

High Yield Bond
as of 10/31/2019

Morningstar rated the Lord Abbett High Yield Fund class A share 3, 4 and 5 stars among 610, 536 and 340 High Yield Bond Funds for the overall rating and the 3, 5 and 10 year periods ended 10/31/2019, respectively.

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

 

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Dividend Yield 1 as of 12/04/2019  

w/o sales charge 5.36%
w/ sales charge 5.24%

30-Day Standardized Yield 2 as of 10/31/2019  

4.57%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Expense Ratioas of 10/31/2019

Fund Basicsas of 10/31/2019

Total Net Assets
$6.97 B
Inception Date
12/31/1998
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
633
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 12.58% 9.37% 5.67% 5.24% 7.75% 6.75%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofAML U.S. High Yield Constrained Index 12.07% 9.61% 6.28% 5.39% 7.59% 6.77%
w/ sales charge 10.02% 6.97% 4.88% 4.76% 7.50% 6.64%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

0.90%

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 11.87% 4.64% 5.52% 5.24% 7.98% 6.77%
Lipper Category Avg. High Yield Funds 10.76% 5.50% 5.25% 4.29% 6.82% -
ICE BofAML U.S. High Yield Constrained Index 11.50% 6.30% 6.07% 5.37% 7.84% 6.80%
w/ sales charge 9.33% 2.31% 4.73% 4.76% 7.74% 6.66%

Fund Expense Ratio :

0.90%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

RELATED CONTENT

Why Credit? Why Now?
November 18, 2019

Our experts review the case for allocating to credit-sensitive assets such as U.S. high yield and short-duration credit in today’s market.

Why Credit? Why Now?
November 18, 2019

Our experts review the case for allocating to credit-sensitive assets in today’s market.

High Yield Spreads Aren’t as Narrow as They May First Appear
October 18, 2019

While high yield bonds’ yield to maturity may be close to historic lows, credit spreads themselves are not, particularly when adjusted for favorable changes in credit quality and duration.

Type Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 10/31/2019 View Portfolio

Rating Assets
A
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Investment Team

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

11 Years of Industry Experience

Supported By 65 Investment Professionals with 16 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 12/04/2019  

w/o sales charge 5.36%
w/ sales charge 5.24%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.57% 4.57%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 12.58% 9.37% 5.67% 5.24% 7.75% 6.75%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofAML U.S. High Yield Constrained Index 12.07% 9.61% 6.28% 5.39% 7.59% 6.77%
w/ sales charge 10.02% 6.97% 4.88% 4.76% 7.50% 6.64%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

0.90%

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 11.87% 4.64% 5.52% 5.24% 7.98% 6.77%
Lipper Category Avg. High Yield Funds 10.76% 5.50% 5.25% 4.29% 6.82% -
ICE BofAML U.S. High Yield Constrained Index 11.50% 6.30% 6.07% 5.37% 7.84% 6.80%
w/ sales charge 9.33% 2.31% 4.73% 4.76% 7.74% 6.66%

Fund Expense Ratio :

0.90%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns ICE BofAML U.S. High Yield Constrained Index
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% 2.51%
2013 9.69% 7.41%
2012 16.50% 15.55%
2011 3.15% 4.37%
2010 14.31% 15.07%
2009 50.51% 58.10%
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
2004 10.42% -
2003 21.59% -
2002 -0.10% -
2001 5.36% -
2000 -3.01% -
1999 6.57% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 7.50% 3.77% 0.28% - 12.64%
2018 -1.07% -0.04% 2.54% -6.47% -5.15%
2017 2.82% 1.98% 2.45% 1.00% 8.50%
2016 2.01% 5.52% 5.46% 2.05% 15.84%
2015 3.05% 0.86% -4.23% -1.81% -2.26%
2014 2.92% 3.38% -1.83% -0.95% 3.46%
2013 3.97% -1.03% 2.51% 3.99% 9.69%
2012 6.63% 0.36% 5.06% 3.61% 16.50%
2011 3.82% 1.07% -7.02% 5.73% 3.15%
2010 4.93% -0.92% 6.33% 3.40% 14.31%
2009 5.95% 17.32% 14.23% 6.01% 50.51%
2008 -3.43% 1.99% -7.81% -15.68% -23.42%
2007 2.98% 0.17% 0.48% -1.17% 2.43%
2006 2.57% 0.01% 2.80% 4.27% 9.94%
2005 -1.74% 1.49% 0.87% 0.56% 1.15%
2004 1.07% -0.32% 4.34% 5.04% 10.42%
2003 4.06% 8.25% 2.40% 5.41% 21.59%
2002 1.51% -3.59% -3.78% 6.10% -0.10%
2001 5.14% -1.67% -3.99% 6.15% 5.36%
2000 -1.66% 0.99% 0.31% -2.65% -3.01%
1999 3.43% -0.11% -0.81% 3.99% 6.57%
1998 - - - - 0.80%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 11/30/2019

The chart begins on the Fund's inception date of 12/31/1998.

Based on a hypothetical Class A share investment of $10,000 on 12/31/1998 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 10/31/2019

Rating Assets
A
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning as of 9/30/2019

  • From a sector standpoint, the portfolio has shifted from defensive to cyclical sectors—adding energy, industrial, building products, and automotive issues, and reducing healthcare and media holdings.
  • The portfolio is overweight the energy sector, with a focus on shorter maturity bonds in the exploration & production (E&P) segment based on our view on positive fundamentals of select credits within the sector.
  • The telecom sector remains the portfolio’s largest underweight, as we believe that, in addition to secular issues faced by the wireline segment, idiosyncratic issues continue to plague major wireline companies.
  • In terms of ratings, we have been reducing portfolio’s holdings of‘BB-rated debt, as we view BBs as the most overpriced category in high yield, and adding CCC-rated credits, which we believe are trading at attractive valuations.
  • As of quarter-end, the portfolio had modest allocations to out-of-index sectors, such as bank loans, convertibles, investment grade bonds, and equities. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • We continue to believe that general economic fundamentals and stronger than expected earnings growth will favor the lower-rated segments of the high yield market. We expect default rates to remain subdued and believe that high yield spreads can grind tighter from current levels.

Portfolio Details as of 10/31/2019

Total Net Assets
$6.97 B
Number of Issues
633
Average Coupon
6.27%
Average Maturity
6.62 Years
Average Effective Duration
3.76 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
Sprint Capital Corp. 6.875% 11/15/2028 1.7%
DISH DBS Corp. 7.750% 07/01/2026 1.0%
Ally Financial, Inc. 8.000% 11/01/2031 1.0%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125% 05/01/2027 0.7%
TransDigm, Inc. 6.375% 06/15/2026 0.7%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.875% 05/01/2027 0.7%
Numericable Group S.A. 7.375% 05/01/2026 0.7%
Tesla Motors, Inc. 5.300% 08/15/2025 0.7%
General Electric Co. 5.000% 12/31/2099 0.6%
Valeant Pharmaceuticals International, Inc. 8.500% 01/31/2027 0.6%
% of Total Assets 8.4%
Holding Coupon Maturity Assets
Sprint Capital Corp.6.875% 11/15/20281.7%
DISH DBS Corp.7.750% 07/01/20261.0%
Ally Financial, Inc.8.000% 11/01/20311.0%
CCO Holdings LLC / CCO Holdings Capital Corp.5.125% 05/01/20270.7%
TransDigm, Inc.6.375% 06/15/20260.7%
CCO Holdings LLC / CCO Holdings Capital Corp.5.875% 05/01/20270.7%
Numericable Group S.A.7.375% 05/01/20260.7%
Tesla Motors, Inc.5.300% 08/15/20250.7%
General Electric Co.5.000% 12/31/20990.6%
Valeant Pharmaceuticals International, Inc.8.500% 01/31/20270.6%
Calpine Corp.5.750% 01/15/20250.5%
HCA, Inc.5.500% 06/15/20470.5%
Freeport-McMoRan, Inc.3.875% 03/15/20230.5%
Netflix, Inc.3.625% 05/15/20270.5%
Intelsat Jackson Holdings SA5.500% 08/01/20230.5%
CCO Holdings LLC / CCO Holdings Capital Corp.5.750% 02/15/20260.5%
Springleaf Finance Corp.6.125% 03/15/20240.5%
MEG Energy Corp.7.000% 03/31/20240.5%
Tenet Healthcare Corp.5.125% 05/01/20250.5%
CSC Holdings LLC5.500% 04/15/20270.4%
Navient Corp.6.750% 06/25/20250.4%
United Rentals, Inc.4.875% 01/15/20280.4%
Sinclair Broadcast Group, Inc.5.125% 02/15/20270.4%
Pulte Group, Inc.5.000% 01/15/20270.4%
Cheniere Corpus Christi Holdings LLC5.875% 03/31/20250.4%
AMC Networks, Inc.4.750% 08/01/20250.4%
RegionalCare Hospital Partners Holdings Inc / Life9.750% 12/01/20260.4%
CSC Holdings LLC10.875% 10/15/20250.4%
CF Industries, Inc.5.150% 03/15/20340.4%
Navient Corp.6.125% 03/25/20240.4%
NRG Energy, Inc.5.750% 01/15/20280.4%
Century Communities, Inc.5.875% 07/15/20250.4%
Ziggo BV5.500% 01/15/20270.4%
Verscend Escrow Corp9.750% 08/15/20260.4%
DKT Finance ApS9.375% 06/17/20230.3%
Western Digital Corp.4.750% 02/15/20260.3%
Cheniere Corpus Christi Holdings LLC5.125% 06/30/20270.3%
Numericable Group S.A.8.125% 02/01/20270.3%
MGM Resorts International4.625% 09/01/20260.3%
TransDigm, Inc.6.250% 03/15/20260.3%
Mclaren Finance PLC5.000% 08/01/20220.3%
Jagged Peak Energy LLC5.875% 05/01/20260.3%
Intesa Sanpaolo SpA5.710% 01/15/20260.3%
Lennar Corp.4.750% 05/30/20250.3%
Diamond Sports Group LLC / Diamond Sports Finance5.375% 08/15/20260.3%
RBS Global & Rexnord Corp.4.875% 12/15/20250.3%
Diamondback Energy, Inc.4.750% 11/01/20240.3%
ViaSat, Inc.5.625% 04/15/20270.3%
WeWork Cos Inc7.875% 05/01/20250.3%
IRB Holding Corp6.750% 02/15/20260.3%
Delphi Technologies PLC5.000% 10/01/20250.3%
Tullow Oil plc7.000% 03/01/20250.3%
Tenet Healthcare Corp.6.750% 06/15/20230.3%
Synovus Financial Corp.5.900% 02/07/20290.3%
Centene Corp.4.750% 01/15/20250.3%
T-Mobile USA, Inc.6.500% 01/15/20260.3%
Molina Healthcare, Inc.4.875% 06/15/20250.3%
Tenet Healthcare Corp.6.250% 02/01/20270.3%
Connect Finco SARL / Connect US Finco LLC6.750% 10/01/20260.3%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &6.000% 08/01/20260.3%
CIT Group, Inc.6.125% 03/09/20280.3%
Rio Oil Finance Trust Series 2018-18.200% 04/06/20280.3%
Ingevity Corp.4.500% 02/01/20260.3%
Cheniere Energy Partners LP4.500% 10/01/20290.3%
Transocean Poseidon Ltd6.875% 02/01/20270.3%
Yingde Gases Investment Ltd6.250% 01/19/20230.3%
VOC Escrow Ltd5.000% 02/15/20280.3%
Ashland, Inc.6.875% 05/15/20430.3%
Mueller Water Products, Inc.5.500% 06/15/20260.3%
SM Energy Co.6.625% 01/15/20270.3%
Macquarie Bank Ltd./London6.125% 03/08/21670.3%
Radian Group, Inc.4.875% 03/15/20270.3%
Ford Motor Credit Co. LLC4.542% 08/01/20260.3%
New Gold, Inc.6.250% 11/15/20220.3%
Ashton Woods USA LLC / Ashton Woods Finance Co.6.750% 08/01/20250.3%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.2%
PGT Escrow Issuer Inc6.750% 08/01/20260.2%
Summit Materials LLC5.125% 06/01/20250.2%
Diamond Sports Group LLC / Diamond Sports Finance6.625% 08/15/20270.2%
JBS USA LLC/JBS USA Finance, Inc.6.750% 02/15/20280.2%
SRC Energy Inc6.250% 12/01/20250.2%
Community Health Systems, Inc.8.000% 11/15/20190.2%
Popular, Inc.6.125% 09/14/20230.2%
Yum! Brands, Inc.5.350% 11/01/20430.2%
Nexstar Broadcasting, Inc.5.625% 07/15/20270.2%
Virgin Media Secured Finance plc5.500% 05/15/20290.2%
TRI Pointe Homes LLC5.250% 06/01/20270.2%
Apergy Corp6.375% 05/01/20260.2%
Patrick Industries, Inc.7.500% 10/15/20270.2%
Mattel, Inc.6.750% 12/31/20250.2%
Drive Chassis Holdco LLC10.260% 04/10/20260.2%
Netflix, Inc.4.875% 04/15/20280.2%
Wabtec Corp.3.450% 11/15/20260.2%
Brand Energy & Infrastructure Services Inc8.500% 07/15/20250.2%
William Lyon Homes, Inc.6.625% 07/15/20270.2%
Albertsons Cos Inc / Safeway Inc / New Albertsons6.625% 06/15/20240.2%
Oasis Petroleum, Inc.6.250% 05/01/20260.2%
HCA, Inc.8.360% 04/15/20240.2%
Netflix, Inc.4.625% 05/15/20290.2%
Cemig Geracao e Transmissao SA9.250% 12/05/20240.2%
Altice Financing S.A.7.500% 05/15/20260.2%
Sensata Technologies BV5.625% 11/01/20240.2%
Ball Corp.4.875% 03/15/20260.2%
Micron Technology, Inc.5.327% 02/06/20290.2%
Hilton Domestic Operating Co, Inc.5.125% 05/01/20260.2%
Valeant Pharmaceuticals International, Inc.5.875% 05/15/20230.2%
Coty, Inc.6.500% 04/15/20260.2%
Stena AB7.000% 02/01/20240.2%
Brink's Co/The4.625% 10/15/20270.2%
Citgo Holding, Inc.9.250% 08/01/20240.2%
Match Group, Inc.5.000% 12/15/20270.2%
Penn National Gaming, Inc.5.625% 01/15/20270.2%
BankUnited, Inc.4.875% 11/17/20250.2%
Hub International Ltd.7.000% 05/01/20260.2%
Titan Acquisition Ltd / Titan Co-Borrower LLC7.750% 04/15/20260.2%
Genworth Holdings Inc4.900% 08/15/20230.2%
Callon Petroleum Co.6.125% 10/01/20240.2%
Murphy Oil USA, Inc.4.750% 09/15/20290.2%
Fairstone Financial Inc7.875% 07/15/20240.2%
Waste Pro USA Inc5.500% 02/15/20260.2%
Everi Payments Inc7.500% 12/15/20250.2%
Minerva Luxembourg SA5.875% 01/19/20280.2%
Post Holdings, Inc.5.500% 03/01/20250.2%
Rede D'or Finance Sarl4.950% 01/17/20280.2%
Adient US LLC7.000% 05/15/20260.2%
BWAY Holding Co.7.250% 04/15/20250.2%
Coeur Mining, Inc.5.875% 06/01/20240.2%
Priceline.com, Inc.0.350% 06/15/20200.2%
CCO Holdings LLC / CCO Holdings Capital Corp.4.750% 03/01/20300.2%
FAGE International SA/ FAGE USA Dairy Industry Inc5.625% 08/15/20260.2%
DaVita, Inc.5.000% 05/01/20250.2%
Twin River Worldwide Holdings Inc6.750% 06/01/20270.2%
Toll Brothers Finance Corp.4.350% 02/15/20280.2%
NGPL Pipeco LLC4.875% 08/15/20270.2%
Core & Main Holdings LP8.625% 09/15/20240.2%
Azul Investments LLP5.875% 10/26/20240.2%
Shea Homes LP / Shea Homes Funding Corp.6.125% 04/01/20250.2%
Itron, Inc.5.000% 01/15/20260.2%
LGI Homes, Inc.6.875% 07/15/20260.2%
Enterprise Development Authority/The12.000% 07/15/20240.2%
EW Scripps Co.5.125% 05/15/20250.2%
Surgery Center Holdings, Inc.10.000% 04/15/20270.2%
Thor Industries, Inc.5.813% 02/01/20260.2%
Williams Scotsman International Inc6.875% 08/15/20230.2%
Intelsat Luxembourg S.A.8.125% 06/01/20230.2%
Wyndham Worldwide Corp.5.750% 04/01/20270.2%
Sinclair Broadcast Group, Inc.5.875% 03/15/20260.2%
Centennial Resource Production LLC5.375% 01/15/20260.2%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.2%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell o5.000% 06/01/20240.2%
Booz Allen Hamilton, Inc.5.125% 05/01/20250.2%
TopBuild Corp.5.625% 05/01/20260.2%
Caesars Palace Las Vegas Trust 2017-VICI4.354% 10/15/20340.2%
Starfruit Finco BV / Starfruit US Holdco LLC8.000% 10/01/20260.2%
Baffinland Iron Mines Corp / Baffinland Iron Mines8.750% 07/15/20260.2%
Schaeffler Verwaltung Zwei GmbH4.750% 09/15/20260.2%
Parsley Energy LLC5.625% 10/15/20270.2%
Toll Brothers Finance Corp.4.875% 03/15/20270.2%
Berry Petroleum Co.7.000% 02/15/20260.2%
Oceaneering International, Inc.6.000% 02/01/20280.2%
II-VI Inc5.322% 03/08/20260.2%
GCI LLC6.875% 04/15/20250.2%
CSN Resources SA7.625% 04/17/20260.2%
AHP Health Partners Inc9.750% 07/15/20260.2%
Sirius XM Radio, Inc.5.000% 08/01/20270.2%
Horizon Pharma USA Inc5.500% 08/01/20270.2%
Intelsat Jackson Holdings SA8.500% 10/15/20240.2%
Buena Vista Gaming Authority13.000% 04/01/20230.2%
BEP Ulterra Holdings Inc.7.036% 11/26/20250.2%
Gray Television, Inc.7.000% 05/15/20270.2%
Lamb Weston Holdings, Inc.4.875% 11/01/20260.2%
William Carter Co.5.625% 03/15/20270.2%
Netflix, Inc.3.625% 06/15/20300.2%
NextEra Energy Operating Partners LP4.500% 09/15/20270.2%
Navient Corp.6.750% 06/15/20260.2%
Aegea Finance Sarl5.750% 10/10/20240.2%
Belo Corp.7.250% 09/15/20270.2%
Diebold, Inc.8.500% 04/15/20240.2%
Beazer Homes USA, Inc.7.250% 10/15/20290.2%
Tesla Motors, Inc.2.000% 05/15/20240.2%
BCPE Cycle Merger Sub II Inc10.625% 07/15/20270.2%
HCA, Inc.7.500% 12/15/20230.2%
HAT Holdings I LLC / HAT Holdings II LLC5.250% 07/15/20240.2%
HCA, Inc.5.875% 02/01/20290.2%
Aston Martin Capital Holdings Ltd6.500% 04/15/20220.2%
Altice Luxembourg SA10.500% 05/15/20270.2%
Geo Group, Inc.6.000% 04/15/20260.2%
Intesa Sanpaolo SpA5.017% 06/26/20240.2%
WPX Energy, Inc.5.250% 09/15/20240.2%
Cheniere Energy Partners LP5.625% 10/01/20260.2%
Trinseo Materials Operating SCA5.375% 09/01/20250.2%
AMC Networks, Inc.5.000% 04/01/20240.2%
Hadrian Merger Sub Inc8.500% 05/01/20260.2%
Intertape Polymer Group Inc7.000% 10/15/20260.2%
Gray Television, Inc.5.875% 07/15/20260.2%
CSC Holdings LLC5.750% 01/15/20300.2%
Alliant Holdings Intermediate LLC6.750% 10/15/20270.2%
Century Communities, Inc.6.750% 06/01/20270.2%
CMA CGM SA5.250% 01/15/20250.2%
Muthoot Finance Ltd6.125% 10/31/20220.2%
William Lyon Homes, Inc.5.875% 01/31/20250.2%
Rowan Companies, Inc.4.875% 06/01/20220.2%
QEP Resources, Inc.5.250% 05/01/20230.2%
Texas Capital Bank NA/Dallas TX5.250% 01/31/20260.2%
MEG Energy Corp.6.500% 01/15/20250.2%
Provident Funding Associates L.P. / PFG Finance Co6.375% 06/15/20250.2%
Noble Holding International Ltd.7.875% 02/01/20260.2%
IAA Inc5.500% 06/15/20270.2%
Credit Suisse Group AG7.250% 09/12/21680.2%
Masonite International Corp.5.375% 02/01/20280.2%
Sirius XM Radio, Inc.4.625% 07/15/20240.2%
SM Energy Co.6.750% 09/15/20260.2%
Rumo Luxembourg Sarl5.875% 01/18/20250.2%
United Rentals, Inc.5.250% 01/15/20300.2%
CSI Compressco LP / CSI Compressco Finance Inc7.500% 04/01/20250.2%
Ladder Capital Finance Holdings LLC/Ladder Capital5.250% 10/01/20250.2%
Marriott Ownership Resorts Inc / ILG LLC6.500% 09/15/20260.2%
H&E Equipment Services, Inc.5.625% 09/01/20250.2%
UAL Corp.4.875% 01/15/20250.2%
Kansas City Southern0.000% -0.2%
Wendy's International, Inc.7.000% 12/15/20250.2%
Fair Isaac Corp.5.250% 05/15/20260.2%
DaVita, Inc.5.125% 07/15/20240.2%
BRF SA4.875% 01/24/20300.2%
Koppers, Inc.6.000% 02/15/20250.2%
Cardtronics Inc / Cardtronics USA Inc5.500% 05/01/20250.2%
Boyd Gaming Corp.6.000% 08/15/20260.2%
Electricite de France SA5.625% 01/22/21640.2%
American Woodmark Corp.4.875% 03/15/20260.2%
Masonite International Corp.5.750% 09/15/20260.2%
Huntington Bancshares, Inc.5.700% 12/31/20990.2%
Freeport-McMoRan, Inc.5.250% 09/01/20290.2%
Pactiv Corp.7.950% 12/15/20250.2%
Hillman Group, Inc.6.375% 07/15/20220.2%
SPX FLOW, Inc.5.625% 08/15/20240.2%
VeriSign, Inc.5.250% 04/01/20250.2%
j2 Cloud Services LLC / j2 Global Co-Obligor Inc6.000% 07/15/20250.2%
Con-way, Inc.6.700% 05/01/20340.2%
Clear Channel Outdoor Holding5.286% 08/09/20260.2%
Centennial Resource Production LLC6.875% 04/01/20270.2%
Indigo Natural Resources LLC6.875% 02/15/20260.2%
Pinduoduo Inc0.000% -0.2%
Greenko Solar Mauritius Ltd5.950% 07/29/20260.2%
Granite Holdings US Acquisition Co11.000% 10/01/20270.2%
Univision Communications Inc.4.536% 03/15/20240.2%
Industrias Penoles SAB de CV5.650% 09/12/20490.2%
Crocs, Inc.0.000% -0.2%
Under Armour, Inc.3.250% 06/15/20260.2%
Catalent Pharma Solutions Inc5.000% 07/15/20270.2%
Churchill Downs, Inc.4.750% 01/15/20280.2%
Dover Corp.0.000% -0.2%
Kratos Defense & Security Solutions Inc6.500% 11/30/20250.2%
Beacon Roofing Supply, Inc.4.875% 11/01/20250.2%
Stevens Holding Co Inc6.125% 10/01/20260.1%
Sealed Air Corp.6.875% 07/15/20330.1%
Cheniere Energy Partners LP5.250% 10/01/20250.1%
Uber Technologies Inc8.000% 11/01/20260.1%
Panther BF Aggregator 2 LP / Panther Finance Co In8.500% 05/15/20270.1%
Virgin Media Secured Finance plc4.875% 01/15/20270.1%
Scotts Miracle-Gro Co.4.500% 10/15/20290.1%
JB Poindexter & Co., Inc.7.125% 04/15/20260.1%
Surgery Center Holdings, Inc.6.750% 07/01/20250.1%
Callon Petroleum Co.6.375% 07/01/20260.1%
Weight Watchers International, Inc.8.625% 12/01/20250.1%
Warrior Met Coal Inc8.000% 11/01/20240.1%
Exgen Renewables IV, LLC5.130% 11/28/20240.1%
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC)4.786% 02/03/20250.1%
W&T Offshore, Inc.9.750% 11/01/20230.1%
Boyne USA Inc7.250% 05/01/20250.1%
BBA US Holdings Inc4.000% 03/01/20280.1%
Mong Duong Finance Holdings BV5.125% 05/07/20290.1%
Barminco Finance Pty Ltd.6.625% 05/15/20220.1%
AES Corp.4.500% 03/15/20230.1%
Rockpoint Gas Storage Canada Ltd7.000% 03/31/20230.1%
CDW Corp.5.500% 12/01/20240.1%
Buckeye Partners L.P.3.950% 12/01/20260.1%
Bacardi Ltd.5.300% 05/15/20480.1%
Blue Cube Spinco, Inc.10.000% 10/15/20250.1%
ProAmpac PG Borrower LLC5.532% 11/20/20230.1%
PG&E Corp3.875% 04/27/20210.1%
TerraForm Power Operating LLC4.750% 01/15/20300.1%
Helix Gen Funding, LLC5.536% 06/03/20240.1%
Summit Materials LLC6.500% 03/15/20270.1%
Garrett LX I Sarl / Garrett Borrowing LLC5.125% 10/15/20260.1%
Clear Channel Worldwide Holdings, Inc.9.250% 02/15/20240.1%
SPCM S.A.4.875% 09/15/20250.1%
Owens Corning4.300% 07/15/20470.1%
Equinix, Inc.2.875% 02/01/20260.1%
Targa Resources Partners L.P.5.375% 02/01/20270.1%
Pacific Gas & Electric Co.6.050% 03/01/20340.1%
Murphy Oil USA, Inc.5.625% 05/01/20270.1%
Millicom International Cellular S.A.6.625% 10/15/20260.1%
MPT Operating Partnership L.P.5.000% 10/15/20270.1%
Carrizo Oil & Gas, Inc.8.250% 07/15/20250.1%
Dutch Lion BV11.250% 06/15/20200.1%
Netflix, Inc.3.875% 11/15/20290.1%
Titan Sub LLC6.786% 09/19/20260.1%
Lower Cadence Holdings L5.804% 05/08/20260.1%
Pulte Group, Inc.6.375% 05/15/20330.1%
Hecla Mining Co.6.875% 05/01/20210.1%
BCD Acquisition, Inc.9.625% 09/15/20230.1%
Range Resources Corp.4.875% 05/15/20250.1%
Acrisure LLC / Acrisure Finance Inc8.125% 02/15/20240.1%
Cogent Communications Group, Inc.5.375% 03/01/20220.1%
Pentair Finance SA4.500% 07/01/20290.1%
Mirati Therapeutics, Inc.0.000% -0.1%
Compass Minerals International, Inc.4.875% 07/15/20240.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.5.000% 12/01/20240.1%
Forming Machining Indust6.104% 10/09/20250.1%
Longview Power7.000% 03/25/20210.1%
PDC Energy, Inc.6.125% 09/15/20240.1%
Exterran Partners L.P. / EXLP Finance Corp.6.875% 04/01/20270.1%
Eoc Group Inc5.036% 02/28/20250.1%
Oceaneering International, Inc.4.650% 11/15/20240.1%
Hill-Rom Holdings, Inc.5.000% 02/15/20250.1%
Province of Santa Fe6.900% 11/01/20270.1%
Inter Media and Communication SpA4.875% 12/31/20220.1%
Altice Luxembourg SA7.625% 02/15/20250.1%
Installed Building Products, Inc.5.750% 02/01/20280.1%
OCI NV6.625% 04/15/20230.1%
Frontera Generation Hold6.171% 05/02/20250.1%
WPX Energy, Inc.5.750% 06/01/20260.1%
InterXion Holding NV4.750% 06/15/20250.1%
Generac Holdings, Inc.0.000% -0.1%
Telecom Argentina SA8.000% 07/18/20260.1%
Energizer Holdings, Inc.6.375% 07/15/20260.1%
Buckeye Partners L.P.4.125% 12/01/20270.1%
Wynn Las Vegas LLC5.500% 03/01/20250.1%
Beyond Meat Inc0.000% -0.1%
Laredo Petroleum Holdings, Inc.5.625% 01/15/20220.1%
NSG Holdings LLC / NSG Holdings, Inc.7.750% 12/15/20250.1%
Merlin Entertainments PLC5.750% 06/15/20260.1%
Hawaiian Airlines Class B Pass Through Certificate4.950% 01/15/20220.1%
Caesars Palace Las Vegas Trust 2017-VICI4.354% 10/15/20340.1%
Ahern Rentals, Inc.7.375% 05/15/20230.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.5.750% 10/01/20250.1%
LHC3 PLC4.125% 08/15/20240.1%
Tempo Acquisition LLC / Tempo Acquisition Finance6.750% 06/01/20250.1%
MHP Lux SA6.950% 04/03/20260.1%
Targa Resources Partners L.P.5.875% 04/15/20260.1%
Teekay Corp.9.250% 11/15/20220.1%
Buenos Aires, Argentina7.500% 06/01/20270.1%
Marble II Pte Ltd.5.300% 06/20/20220.1%
AES Corp.5.125% 09/01/20270.1%
HealthSouth Corp.4.500% 02/01/20280.1%
Revlon, Inc. Class A5.624% 09/07/20230.1%
United PF Holdings LLC6.286% 06/10/20260.1%
Louisiana-Pacific Corp.4.875% 09/15/20240.1%
Wynn Macau Ltd.5.500% 10/01/20270.1%
Exterran Energy Solutions L.P. / EES Finance Corp.8.125% 05/01/20250.1%
Covanta Holding Corp.6.000% 01/01/20270.1%
Kernel Holding SA8.750% 01/31/20220.1%
Freedom Mortgage Corp8.250% 04/15/20250.1%
Ritchie Bros Auctioneers, Inc.5.375% 01/15/20250.1%
Sprint Corp.7.625% 03/01/20260.1%
Centene Corp.5.375% 06/01/20260.1%
RingCentral, Inc.0.000% 03/15/20230.1%
Central American Bottling Corp.5.750% 01/31/20270.1%
Project Boost Purchaser5.638% 05/22/20260.1%
Topgolf International, Inc.7.824% 02/09/20260.1%
Teradyne, Inc.1.250% 12/15/20230.1%
West Street Merger Sub Inc6.375% 09/01/20250.1%
Shake Shack, Inc.0.000% -0.1%
Novellus Systems, Inc.2.625% 05/15/20410.1%
Lululemon Athletica, Inc.0.000% -0.1%
Chaparral Energy, Inc.8.750% 07/15/20230.1%
DHT Holdings, Inc.4.500% 08/15/20210.1%
SolarEdge Technologies, Inc.0.000% -0.1%
SPX FLOW, Inc.5.875% 08/15/20260.1%
Amsted Industries, Inc.5.625% 07/01/20270.1%
Wyndham Hotels & Resorts Inc5.375% 04/15/20260.1%
Wabash National Corp.5.500% 10/01/20250.1%
Geopark Ltd.6.500% 09/21/20240.1%
Sonic Automotive, Inc.6.125% 03/15/20270.1%
Trade Me Group Ltd6.851% 05/01/20260.1%
Holly Energy Partners L.P. / Holly Energy Finance6.000% 08/01/20240.1%
Franco-Nevada Corp.0.000% -0.1%
New Enterprise Stone & Lime Co., Inc.6.250% 03/15/20260.1%
Autopistas del Sol SA/Costa Rica7.375% 12/30/20300.1%
Carvana Co8.875% 10/01/20230.1%
MGM Growth Properties Operating Partnership LP / M5.625% 05/01/20240.1%
Novelis Corp.5.875% 09/30/20260.1%
WPX Energy, Inc.5.250% 10/15/20270.1%
Delhi International Airport Pvt Ltd6.450% 06/04/20290.1%
Quicken Loans Inc5.250% 01/15/20280.1%
Trimas Corp.4.875% 10/15/20250.1%
Badger Meter, Inc.0.000% -0.1%
LBC Tank Terminals Holding Netherlands BV6.875% 05/15/20230.1%
Latam Finance Ltd.7.000% 03/01/20260.1%
Sally Holdings LLC / Sally Capital, Inc.5.625% 12/01/20250.1%
Montreign Resort Casino10.374% 01/24/20230.1%
Great Lakes Dredge & Dock Corp.8.000% 05/15/20220.1%
CCO Holdings LLC / CCO Holdings Capital Corp.5.000% 02/01/20280.1%
NCI Building Systems, Inc.8.000% 04/15/20260.1%
Kestrel Bidco Inc5.266% 08/07/20260.1%
Promontoria Holding 264 BV6.750% 08/15/20230.1%
Fresh Market, Inc.9.750% 05/01/20230.1%
Transocean Pontus Ltd6.125% 08/01/20250.1%
Elwood Energy LLC8.159% 07/05/20260.1%
NextCure Inc0.000% -0.1%
NVA Holdings Inc6.875% 04/01/20260.1%
Pinnacle Bidco PLC6.375% 02/15/20250.1%
Flex Acquisition Co Inc7.875% 07/15/20260.1%
KGA Escrow LLC7.500% 08/15/20230.1%
Ziggo Bond Co. BV5.875% 01/15/20250.1%
Acrisure LLC / Acrisure Finance Inc7.000% 11/15/20250.1%
Stars Group Holdings BV / Stars Group US Co-Borrow7.000% 07/15/20260.1%
Go Daddy Operating Co LLC / GD Finance Co Inc5.250% 12/01/20270.1%
Hughes Satellite Systems Corp.5.250% 08/01/20260.1%
Live Nation Entertainment, Inc.5.625% 03/15/20260.1%
Radiate Holdco LLC / Radiate Finance Inc6.625% 02/15/20250.1%
Winnebago Industries, Inc.1.500% 04/01/20250.1%
Mattel, Inc.5.450% 11/01/20410.1%
MTS Systems Corp.5.750% 08/15/20270.1%
Murphy Oil Corp.6.875% 08/15/20240.1%
Press Ganey Inc5.286% 07/22/20260.1%
Apple, Inc.0.000% -0.1%
Telefonica Celular del Paraguay SA5.875% 04/15/20270.1%
Pharmaceutical Product Development LLC6.375% 08/01/20230.1%
Provincia de Cordoba7.450% 09/01/20240.1%
Miller Homes Group Holdings PLC5.500% 10/15/20240.1%
AG Merger Sub II Inc10.750% 08/01/20270.1%
Bristow Group, Inc.8.750% 03/01/20230.1%
DocuSign Inc0.500% 09/15/20230.1%
Range Resources Corp.5.000% 08/15/20220.1%
Navicure Inc5.868% 09/18/20260.1%
Kuehg Corp10.354% 08/15/20250.1%
VF Holding Corp9.036% 07/02/20260.1%
Cloud Crane LLC10.125% 08/01/20240.1%
SRS Distribution Inc8.250% 07/01/20260.1%
Berry Plastics Corp.4.875% 07/15/20260.1%
Yak Access LLC12.319% 07/10/20260.1%
Endeavor Energy Resources L.P.5.500% 01/30/20260.1%
Gateway Casinos & Entertainment Ltd8.250% 03/01/20240.1%
Capitol Investment Merger Sub 2 LLC10.000% 08/01/20240.1%
Asbury Automotive Group, Inc.6.000% 12/15/20240.1%
Azure Power Solar Energy Pvt Ltd5.650% 12/24/20240.1%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.5.875% 05/15/20250.1%
CSC Holdings LLC6.500% 02/01/20290.1%
Univision Communications, Inc.5.125% 02/15/20250.1%
MRP Generation Holdings LLC9.359% 10/18/20220.1%
Terraform Global Operating LLC6.125% 03/01/20260.1%
Hilton Domestic Operating Co, Inc.4.875% 01/15/20300.1%
MGIC Investment Corp.5.750% 08/15/20230.1%
Triumph Group, Inc.7.750% 08/15/20250.1%
Golar LNG Partners L.P.8.768% 05/18/20210.1%
Simmons Foods, Inc.7.750% 01/15/20240.1%
Station Casinos LLC5.000% 10/01/20250.1%
GCP Applied Technologies, Inc.5.500% 04/15/20260.1%
U.S. Silica Company5.813% 05/01/20250.1%
Ortho-Clinical Diagnostics Inc / Ortho-Clinical Di6.625% 05/15/20220.1%
Trivium Packaging Finance BV8.500% 08/15/20270.1%
BBA US Holdings Inc5.375% 05/01/20260.1%
Springleaf Finance Corp.7.125% 03/15/20260.1%
Transportadora de Gas del Sur S.A.6.750% 05/02/20250.1%
UFC Holdings LLC5.350% 04/26/20260.1%
JD Power & Associates9.500% 06/09/20240.1%
KB Home4.800% 11/15/20290.1%
Fastenal Co.0.000% -0.1%
Lonestar II Generation H7.610% 04/20/20260.1%
Panther BF Aggregator 2 LP / Panther Finance Co In4.375% 05/15/20260.1%
Tenneco, Inc.5.000% 07/15/20260.1%
CPUK Finance Ltd4.875% 08/28/20250.1%
United Rentals, Inc.4.625% 10/15/20250.1%
Viper Energy Partners LP5.375% 11/01/20270.1%
YPF Energia Electrica SA10.000% 07/25/20260.1%
McCormick & Co., Inc.0.000% -0.1%
Netflix, Inc.5.875% 11/15/20280.1%
Eskom Holdings SOC Ltd.8.450% 08/10/20280.1%
Dometic Group AB3.000% 05/08/20260.1%
Rain CII Carbon LLC7.250% 04/01/20250.1%
Hayward Acquisition Corp.5.286% 08/05/20240.1%
LCPR Senior Secured Financing DAC6.750% 10/15/20270.1%
PCI Gaming Authority4.786% 05/15/20260.1%
Performance Food Group, Inc.5.500% 06/01/20240.1%
Plains All American Pipeline L.P.6.125% 12/31/20990.1%
Valeant Pharmaceuticals International, Inc.7.000% 03/15/20240.1%
Buckeye Partners L.P.6.375% 01/22/20780.1%
Aqua America, Inc.0.000% 04/30/20220.1%
Transocean Proteus Ltd.6.250% 12/01/20240.1%
Forterra, Inc.4.786% 10/25/20230.1%
AES Gener SA6.350% 10/07/20790.1%
Techem Verwaltungsgesellschaft 674 mbH6.000% 07/30/20260.1%
Air Medical Group Holdings, Inc.6.375% 05/15/20230.1%
Inmarsat Finance plc6.500% 10/01/20240.1%
Acadia Healthcare Co., Inc.5.625% 02/15/20230.1%
Cortes NP Acquisition Corp.9.250% 10/15/20240.1%
Navistar International Corp.6.625% 11/01/20250.1%
PetSmart, Inc.5.875% 06/01/20250.1%
TGP Holdings III LLC10.286% 09/20/20250.1%
AerCap Ireland Capital Ltd.3.650% 07/21/20270.1%
Griffon Corp.5.250% 03/01/20220.1%
CONSOL Energy Inc11.000% 11/15/20250.1%
Norbord, Inc.6.250% 04/15/20230.1%
Graftech Finance, Inc.5.286% 01/31/20250.1%
Motion Bondco DAC6.625% 11/15/20270.1%
Sherwin-Williams Co.0.000% -0.1%
Provincia de Mendoza Argentina8.375% 05/19/20240.1%
Insulet Corp.1.375% 11/15/20240.1%
Service Corp. International5.125% 06/01/20290.1%
Owens Corning4.400% 01/30/20480.1%
Carlsberg A/S0.000% -0.1%
Airxcel, Inc.6.286% 04/28/20250.1%
Learning Care Group (US) No. 2 Inc.5.336% 03/13/20250.1%
Altran Technologies9.064% 06/26/20260.1%
Cliffs Natural Resources, Inc.5.750% 03/01/20250.1%
Allison Transmission, Inc.5.000% 10/01/20240.1%
AerCap Ireland Capital Ltd.4.450% 04/03/20260.1%
Wyndham Worldwide Corp.6.350% 10/01/20250.1%
Mohegan Tribal Gaming Authority7.875% 10/15/20240.1%
TJX Cos., Inc.0.000% -0.1%
Algeco Scotsman Global Finance plc8.000% 02/15/20230.1%
Southwestern Energy Co.6.200% 01/23/20250.1%
CIT Group, Inc.5.250% 03/07/20250.1%
Cheniere Corpus Christi Holdings LLC7.000% 06/30/20240.1%
Levi Strauss & Co.3.375% 03/15/20270.1%
Flynn Restaurant Group5.286% 06/27/20250.1%
Southwestern Energy Co.7.750% 10/01/20270.1%
Nine Energy Service Inc8.750% 11/01/20230.1%
PG&E Corp5.029% 12/31/20200.1%
Gibson Brands, Inc0.000% -0.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.6.250% 11/01/20280.1%
Bill Barrett Corp.7.000% 10/15/20220.1%
Oasis Petroleum, Inc.6.875% 03/15/20220.1%
Bleriot US Bidco Inc6.689% 10/08/20260.1%
Province of Neuquen7.500% 04/27/20250.1%
Clearway Energy Operating LLC5.000% 09/15/20260.1%
Flynn Restaurant Group8.940% 06/29/20260.1%
Jacobs Entertainment, Inc.7.875% 02/01/20240.1%
Transocean Phoenix 2 Ltd.7.750% 10/15/20240.1%
Doncasters US Finance LLC (Doncasters US LLC)5.604% 04/09/20200.1%
Targa Resources Partners L.P.4.250% 11/15/20230.1%
Britax Childcare4.500% 10/15/20200.1%
Arcor6.000% 07/06/20230.1%
eG Global Finance PLC8.500% 10/30/20250.1%
Service Corp. International4.625% 12/15/20270.1%
Numericable Group S.A.3.375% 01/15/20280.1%
Lamb Weston Holdings, Inc.4.625% 11/01/20240.1%
Joseph T Ryerson & Son, Inc.11.000% 05/15/20220.1%
Performance Food Group, Inc.5.500% 10/15/20270.1%
NRG Energy, Inc.5.250% 06/15/20290.1%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell o4.750% 06/01/20270.1%
Tapstone Energy LLC / Tapstone Energy Finance Corp9.750% 06/01/20220.1%
Gray Television, Inc.5.125% 10/15/20240.1%
CSL Capital, LLC8.250% 10/15/20230.1%
Jonah Energy LLC / Jonah Energy Finance Corp7.250% 10/15/20250.1%
Powerteam Services LLC9.354% 03/06/20260.1%
Weekley Homes LLC / Weekley Finance Corp.6.000% 02/01/20230.1%
QEP Resources, Inc.5.625% 03/01/20260.1%
Targa Resources Partners L.P.6.500% 07/15/20270.1%
Commercial Barge Line10.676% 11/12/20200.1%
Claire's Stores, Inc.0.000% -0.1%
Ashtead Capital, Inc.5.250% 08/01/20260.1%
Sirius XM Radio, Inc.5.375% 07/15/20260.1%
HCA, Inc.7.690% 06/15/20250.1%
Iridium Satellite LLC5.761% 10/17/20260.1%
Lovesac Co/The0.000% -0.1%
Clearway Energy Operating LLC5.750% 10/15/20250.1%
North American Lifting Holdings, Inc. (aka TNT Crane & Rigging, Inc)11.104% 11/26/20210.1%
Extraction Oil & Gas Inc7.375% 05/15/20240.1%
Trivium Packaging Finance BV3.750% 08/15/20260.1%
Hilltop Holdings, Inc.0.000% -0.1%
Valeant Pharmaceuticals International, Inc.5.500% 03/01/20230.1%
CIBT Solutions, Inc.9.210% 06/01/20250.1%
CF Industries, Inc.4.950% 06/01/20430.1%
Panda Temple Power, LLC9.800% 02/07/20230.1%
Moxie Patriot LLC7.392% 12/19/20200.1%
Cliffs Natural Resources, Inc.5.875% 06/01/20270.1%
Mclaren Finance PLC5.750% 08/01/20220.0%
Triumph Group, Inc.6.250% 09/15/20240.0%
Southern Graphics Inc9.427% 11/22/20230.0%
Trivium Packaging Finance BV5.500% 08/15/20260.0%
American Energy-Permian Basin LLC12.000% 10/01/20240.0%
TerraForm Power Operating LLC5.000% 01/31/20280.0%
Panda Power Funds6.750% 12/19/20200.0%
Claire's Stores, Inc.14.000% 09/05/20380.0%
PG&E Corp5.029% 12/31/20200.0%
Arconic Inc6.750% 01/15/20280.0%
UC Holdings0.000% -0.0%
HCA, Inc.5.875% 02/15/20260.0%
Claire's Stores, Inc.0.000% 10/12/20380.0%
Eoc Group Inc3.458% 02/26/20260.0%
Arcor6.000% 07/06/20230.0%
United PF Holdings LLC2.871% 06/10/20260.0%
FX USD/EUR 11/190.000% 11/14/20190.0%
Bleriot US Bidco Inc6.689% 10/08/20260.0%
Lonestar II Generation H7.610% 04/20/20260.0%
FGI Operating Company, LLC0.000% 05/15/20220.0%
Tonon Luxembourg S.A.6.500% 10/31/20240.0%
Credit Default Swap1.000% 06/20/20200.0%
Chaparral Energy, Inc.0.000% -0.0%
Credit Index Swap5.000% 12/20/20240.0%
Morgan Stanley Capital I Trust5.510% 07/15/20560.0%
Remington Outdoor Co. Inc.0.000% -0.0%
FX EUR/USD 11/190.000% 11/14/20190.0%
FX EUR/USD 11/190.000% 11/14/20190.0%
Penson Technologies LLC0.000% -0.0%
Afren plc11.500% 02/01/20220.0%
Afren plc10.250% 04/08/20220.0%
Afren plc6.625% 12/09/20200.0%
Fairway Group Holdings Corp.0.000% 02/24/20240.0%
Fairway Group Holdings Corp.0.000% 11/24/20230.0%
FX EUR/USD 11/190.000% 11/14/20190.0%
EURO-BUND FUTURE DEC190.000% 12/10/20190.0%
Fairway Group Acquisition Company0.000% -0.0%
FX EUR/USD 11/190.000% 11/14/20190.0%
FX USD/EUR 12/190.000% 12/09/20190.0%
General Motors Co.7.200% 01/15/20490.0%
Mirabela Nickel Ltd.1.000% 09/16/20440.0%
NEXSTAR BROADCASTING GROUP0.000% 11/30/20190.0%
Remington Outdoor Co. Inc.0.000% -0.0%
Templar Energy LLC0.000% -0.0%
Templar Energy LLC0.000% -0.0%
US 10YR ULTRA FUT DEC190.000% 12/31/20190.0%
US 5YR NOTE (CBT) DEC190.000% 01/06/20200.0%
US ULTRA BOND CBT DEC190.000% 12/31/20190.0%
Washington Mutual, Inc.6.875% 06/15/20110.0%
EURO-BOBL FUT DEC190.000% 12/10/20190.0%
FX USD/GBP 12/190.000% 12/05/20190.0%
FX USD/GBP 12/190.000% 12/05/20190.0%
US 10YR NOTE (CBT)DEC190.000% 12/31/20190.0%
US LONG BOND(CBD) DEC190.000% 12/31/20190.0%
FX USD/EUR 12/190.000% 12/09/20190.0%
FX USD/EUR 12/190.000% 12/09/20190.0%
US 2YR NOTE (CBT) DEC190.000% 01/06/20200.0%
FX USD/EUR 12/190.000% 12/09/20190.0%
FX USD/GBP 12/190.000% 12/05/20190.0%
FX USD/GBP 12/190.000% 12/05/20190.0%
FX USD/EUR 12/190.000% 12/09/20190.0%
FX USD/DKK 12/190.000% 12/13/20190.0%
FX USD/EUR 12/190.000% 12/09/20190.0%
FX USD/EUR 12/190.000% 12/09/20190.0%
FX USD/GBP 12/190.000% 12/05/20190.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 10/31/2019

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Basic Industry 0.0%
Insurance 0.0%
Capital Goods arrowDown0.1%
Leisure 0.0%
Services arrowDown0.2%
Retail arrowUp0.1%
Financial Services arrowUp0.4%
Real Estate arrowUp0.2%
Technology & Electronics arrowDown0.1%
Healthcare arrowDown0.6%
Telecommunications arrowDown0.2%
Utility arrowUp0.1%
Automotive arrowUp0.5%
Banking arrowUp0.2%
Consumer Goods 0.0%
Transportation arrowUp0.4%
Other 0.0%
Media arrowUp0.6%
Energy arrowDown1.2%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 12/04/2019
$0.377
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2019 $0.03294 $7.37
Daily Daily 10/31/2019 $0.03390 $7.36
Daily Daily 09/30/2019 $0.03366 $7.39
Daily Daily 08/31/2019 $0.03336 $7.42
Daily Daily 07/31/2019 $0.03392 $7.49
Daily Daily 06/30/2019 $0.03502 $7.47
Daily Daily 05/31/2019 $0.03448 $7.29
Daily Daily 04/30/2019 $0.03439 $7.40
Daily Daily 03/31/2019 $0.03453 $7.30
Daily Daily 02/28/2019 $0.03510 $7.27
Daily Daily 01/31/2019 $0.03579 $7.18

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/18/2014 12/19/2014 $0.0899 $0.0792 $0.1691 $7.44
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/04/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.54
$100,000 to $249,999 1.75% 1.50% $7.50
$250,000 to $499,999 1.25% 1.00% $7.46
$500,000 to $999,999 0.00% 1.00% $7.37
$1,000,000 to $5,000,000 0.00% 1.00% $7.37

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

Expense Ratioas of 10/31/2019

Fund Documents

Fund Documents

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Annual Report
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Publish Date:11/03/2015
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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Source: ICE Data Indices, LLC. 

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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